Too greedy again?

Laguna Park, a residential redevelopment site in District 15, is up for en bloc sale at an expected price of S$1.33bn.

This is the second time the 33-year-old development has been put up for sale, with a previous attempt in October 2009 that failed. No-one was interested at bidding at the S$1.2bn minimum price. A local developer offered between S$950m and 1bn, but nothing happened.

Well the present tender is likely to fail given that the

— price is extremely rich given that the developer will have to pay to top the lease to 99 yrs,

— coming torrent of private flats coming onstream, and

— annc that the HDB is returning to the policy of building in anticipation of demand, with the twist of putting up flats quicker, and building more of them this year.

Why so greedy leh? Should have tried S$1.2bn again. My guess-estimate is S$1.1bn would be the highest any developer will bid.